Plasma Network raised $3.50 million in funding led by Bitfinex, with participation from Christian Angermayer and venture capital firms Split Capital, Anthos Capital, Karatage and Manifold Trading. Paolo Ardoino, CTO of Bitfinex and CEO of Tether, also backed the project. The chain will be fully compatible with the Ethereum Virtual Machine, meaning it can run any Ethereum-compatible smart contract to provide a solution that extends Bitcoin's functionality.